Now, according to Kim Zoller, owner and president of Image Dynamics, the trend is moving back in the other direction. People are starting to realize that too casual of an environment is not a good thing.

"Your dress is a reflection of who you are and what you're trying to accomplish. When people are too casual," she says, "they really hurt themselves."

What exactly is business casual? According to Zoller, for men, it's a pair of slacks, a nice golf shirt or a button-down, and no jacket (unless you want to be fancy). For women, it's a pair of slacks or a skirt and a blouse.

Of course, dress code depends more on the company and what they want their image or brand to be. The legal, banking and accounting industries tend to have stricter codes; whereas younger, tech-based companies tend to have a more relaxed dress code.

With that in mind, we thought we'd check it out for ourselves and see what people in different industries are really wearing. So we took to the streets of New York City.

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Our adventure began around 7:30 a.m., departing the Business Insider headquarters for Union Square

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We headed fearlessly into the market to find...

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Technology editor, Bloomberg

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Fashion Designer, Express

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Employee at AXA Private Equity (he pointed out that he dresses more casually in the summertime)

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Publicist, Type A Media

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Director of Employee Relations, Barnes & Noble

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Farmer, Tamarak Follow Farm

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Garden Editor, Martha Stewart Living

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CEO, Hogarth Worldwide (An advertising agency)

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Photographer, igroup

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Executive VP of Customer Management at an insurance firm

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Farmer for a restaurant group in NYC

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Then we headed over to 71 Irving, a trendy coffee shop where we thought we'd run into some more professionals

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On our way there, we ran into this couple, who work in financial services at JP Morgan